GMAC Commercial Mortgage Corporation Arranges $56 Million in Refinancing for a California Office Building.

SAN FRANCISO -- GMAC Commercial Mortgage Corporation (GMACCM) has arranged $56,000,000 in fixed-rate, refinancing for a San Francisco, Calif., office building located at 111 Sutter Street, approximately one block from Market Street, San Francisco's major thoroughfare.

This modern, Class A office property, with an irreplaceable architectural shell dating back to 1926, underwent more than $30 million in renovations back in 1999 and was named "The Best Restoration Project of 2001" by the San Francisco Business Times. The property is located in the heart of San Francisco's Financial District and currently has an occupancy rate of 93 percent.

GMACCM Senior Vice President John D. Motzel and Vice President Robert Lipson, of the Red Bank, N.J., loan origination office, and Senior Vice President Joe Andrada, of the San Francisco loan origination office, arranged the transaction through AXA Equitable Life Insurance Company. AXA Equitable was advised by GMAC Institutional Advisors throughout the loan process. CEP Investors XII LLC received the funding.

"Because of our strong relationships, we were able to help ensure a certainty of execution," says Andrada. According to Andrada, he had a strong relationship with the local borrower, Ellis Partners, and Motzel and Lipson had a strong relationship with the national partner, LaSalle Investment Management. "Because of these relationships, we were able to provide the borrower with assurances as to the lender's flexibility, and we were able to work with both parties to close a transaction that was beneficial for both."

According to Motzel, "The AXA-Equitable team was aggressive and creative in structuring a loan that met the borrower's needs."

GMAC Institutional Advisors has approximately $13.9 billion (as of March 31, 2005) in real estate and mortgage-related investments under management and supervision for pension funds, financial companies, endowments, foundations, offshore investors and high net worth clients. A subsidiary of GMAC Commercial Mortgage, the firm invests in equity real estate, commercial mortgages, CMBS, mezzanine debt, B-notes, CDOs, residential ABS and non-performing loans.

GMAC Commercial Mortgage Corporation (GMACCM), a wholly owned subsidiary of GMAC Commercial Holding Corp., is a premier financial services firm with extensive funding sources that, coupled with a broad menu of innovative financing programs, serve the needs of borrowers of commercial real estate debt as well as the providers of such capital. GMACCM is an industry leader in loan origination, servicing, asset management, investment management and technology services. The diverse lending and servicing specialist and its affiliates have more than 100 offices worldwide. GMACCM has a servicing portfolio of more than $257 billion and provides a variety of financing products and services including permanent, interim, mezzanine and construction lending as well as equity capital for commercial real estate. GMACCM has specialized lending units focused on healthcare, hospitality and construction lending.

News releases and other information about GMACCM, its products and services are available at www.gmaccm.com.

GMAC Commercial Mortgage Corporation (GMACCM) makes California loans pursuant to a California Department of Corporations California Finance Lender License. GMACCM brokers California loans to other lenders pursuant to its CA Dept. of Real Estate Broker License #0039810.